Richardson Electronics, Ltd. Declares Quarterly Cash Dividend, Payable on February 20, 2015; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 29, 2014; Provides Sales Guidance for the Third Quarter of Fiscal 2015
January 07, 2015 at 06:05 pm EST
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Richardson Electronics Ltd. announced that its Board of Directors declared a $0.06 quarterly dividend per share to holders of common stock and a $0.054 cash dividend per share to holders of Class B common stock. The dividend will be payable on February 20, 2015, to common stockholders of record on February 6, 2015.
The company reported unaudited consolidated earnings results for the second quarter and six months ended November 29, 2014. Net sales for the second quarter of fiscal 2015 were $33.8 million, a 4.5% decrease compared to net sales of $35.4 million in the prior year. Operating loss for the second quarter of fiscal 2015 was $2.2 million, compared to operating income for the second quarter of fiscal 2014 of $0.5 million. Loss from continuing operations for the second quarter of fiscal 2015 was $1.1 million, compared to income from continuing operations of $0.6 million, or $0.04 per diluted common share during the second quarter of fiscal 2014. Net loss during the second quarter of fiscal 2015 was $1.1 million, compared to net income of $0.5 million, or $0.03 per diluted common share, during the second quarter of fiscal 2014. Loss from continuing operations before income taxes was $1,943,000 compared to income of $788,000 a year ago. Net cash used in operating activities was $2,008,000 compared to net cash provided by operating activities of $249,000 a year ago. Capital expenditures were $1,102,000 compared to $540,000 a year ago.
Net sales for the first six months of fiscal 2015 were $68.5 million, a decrease of 1.7%, compared to net sales of $69.7 million during the first six months of fiscal 2014. Operating loss during the first six months of fiscal 2015 was $2.7 million, compared to operating income of $0.7 million, or 0.9% of net sales, during the first six months of fiscal 2014. Loss from continuing operations during the first six months of fiscal 2015 was $1.2 million, compared to income from continuing operations of $2.6 million, or $0.18 per diluted common share, during the first six months of fiscal 2014. Net loss during the first six months of fiscal 2015 was $1.1 million, compared to net income of $2.5 million, or $0.17 per diluted common share, during the first six months of fiscal 2014. Loss from continuing operations before income taxes was $2,161,000 compared to income of $3,215,000 a year ago. Net cash used in operating activities was $2,336,000 compared to $936,000 a year ago. Capital expenditures were $1,936,000 compared to $981,000 a year ago.
The company provided sales guidance for the third quarter of fiscal 2015. Third quarter sales should again be in the range of $34 to $36 million.
Richardson Electronics, Ltd. is a manufacturer of engineered solutions, power grid and microwave tubes and related consumables; power conversion and radio frequency and microwave components; high-value replacement parts, tubes and service training for diagnostic imaging equipment, and customized display solutions. The Company's segments include Power and Microwave Technologies, Green Energy Solutions, Canvys and Healthcare. Healthcare segment manufactures, repairs, refurbishes and distributes high value replacement parts and equipment for the healthcare market, including hospitals, medical centers, asset management companies and others. The Canvys segment provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Its products include electron tubes and related components, microwave generators, subsystems used in semiconductor manufacturing and visual technology solutions.
Richardson Electronics, Ltd. Declares Quarterly Cash Dividend, Payable on February 20, 2015; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 29, 2014; Provides Sales Guidance for the Third Quarter of Fiscal 2015